Vietnam launches 5-year crypto market pilot with strict controls

Vietnam has adopted a five-year crypto pilot that takes effect immediately and bans the issuance of assets backed by fiat currencies or securities.

Vietnam, ranked among the top countries worldwide for cryptocurrency adoption, is launching a five-year pilot program introducing strict requirements for the crypto industry.

Vietnam’s Deputy Prime Minister Ho Duc Phoc signed a resolution enforcing a framework establishing rules for trading and issuance of crypto assets, the Government Electronic Newspaper of Vietnam reported on Tuesday.

Taking effect immediately, the pilot requires crypto transactions — from issuance to trading and payments — to be carried out in Vietnamese dong.

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